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20121027
20121104
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the economy at 2:45 p.m. and look for earnings from mcgraw hill, thomson reuters, "washington post," good lord, madison square garden, the maker of bubble wrap. there's one one to watch. >> who doesn't like bubble wrap. still to come on the program, we'll take a look at what tuesday's election means for america's chances for falling off the fiscal cliff. >>> greece's coalition government on shaky ground. quit because of a scandal over a published list of suspected tax evaders. it they're putting on a unified front before a key vote on austerity measures. >> royal bank of scott land has had a loss of just over 1.4 billion pounds mainly due to a clarm on his own debt. the lender has increased its compensation provision by 400 million pounds and will soon enter negotiations to settle libor investigations. it's also likely to be hit. they reiterated the banking industry must make major changes to it culture. >> i guess in general banks didn't live up to the standards of integrity and have the right cultures. so we're paying some of the sins for that. >> some of the world's biggest banks, more capi
or economy. then the bombshell accusations by a banker turned whistle employeer. my interview with greg smith about why he left one of the most prestigious firms in world and the charges he makes. and cooking up the formula for success for small businesses. "wall street journal" report begins right now. >> here's a look at what's making news as we head into a new week. some encouraging news about the economy. the cross domestic product grew up 2%. the broadest overall measure. economists were expecting a growth rate of 1.8%, the number booming by increase in spending and stronger housing market. the dow falling nearly 250 points on tuesday after poor earnings news an the market was plate later in the week. big multinationals did not farewell. guidance was light. boeing and proctor and gamble beat expectations. among technology and internet company, yahoo! and facebook beat expectations -- the company introducing the ipad mini, smaller and lighter than the full size ipad and listing for $329. two big product launches from microsoft, a new operating system, windows 8, and its new tablet. it's b
of japan steps in to boost the economy for a second straight month with another easing move. welcome back, everybody. one hour of the good stuff today. plenty to get through today for hurricane sandy, as well. >> europe went off daylight savings time a week ahead of the u.s. back to full schedule next week. in the meantime, sandy is no longer a hurricane by name, but still making a major impact. storm made landfall monday night along new jersey east koer. still packing hurricane force sandy is expected to weaken, but the rain could linger. already at least ten deaths have been blamed on the storm. u.s. markets will be closed for a second day today. still electronic trading. the last time by the way the new york stock exchange was closed for more than a day because of weather, 1888. when a snowstorm piled up to 40-foot drifts. u.s. refineries had to shut nearly all the east coast fuel supplies ahead of sandy and they'll begin assessing damage today. three of the key six refineries shut down. analysts estimate sandy could cost between $5 billion and $10 billion in ensured losses. it would b
, what's your take on the markets right now and this storm? how does it impact the economy and the markets from here? >> i think it's modestly constructive. i think we're still in the middle of the square root shaped economic recovery we've been in for over three years now. a grinding upward trend within the data. i think you saw some of the positive news. i think the chinese numbers were a little stronger than many had figured. so the global economy may not be decelerating as quickly as many had feared, but certainly earnings are going to trump a lot of investors coming into the season. i think coming into the fourth quarter, earnings are going to be critical but revenue is going to be extremely critical in an economic environment that's grindsi grinding upward. >> kevin, what about you? i know you're growing increasingly pessimistic about the impact of the fiscal cliff. what else is becoming a drag in terms of uncertainty on in economy and the market? >> i think right now markets are too complacent about the fiscal cliff. a lot of people assume things are going to get wor
. big, big hit to the economy. >> paul, thank you so much. i know you're going to be with us for the next few days as we continue to work through hurricane sandy. thank you, paul. >>> all right. tyler, over to you. >> thank you, sue. hurricane sandy of course bearing down, point pleasant, new jersey. some utilities bracing for the worse. we just talk a little bit about that. warning customers that they could be out of power for a week, ten days, maybe more. what kind of damage are we talking about here and will some utilities perform better than others. greg gordon is senior managing director at isi group. mr. gordon, welcome, good to see you. can any utility that will be affected by this storm be described as a potential winner? >> no. look, these companies are regulated. they are -- they make fixed rates of return on the infrastructure and their job is to provide service. when you have a natural disaster of this proportion, their job is to restore that service as quickly as possible. i've been on the phone and talking to ceos of a bunch of companies since yesterday morning.
today. some of it supposed to have come out earlier in the week, was delayed. shows an economy building momentum. that is at least until sandy came. steve leisman here. steve, is sandy going to slam the brakes on this slightly upward arc we're seeing in the economy? >> it is definitely going to have an impact on the economy. today we got a read on the economy ahead of sandy giving us really a baseline. that baseline was a little bit better than economists originally thought. at almost every count. perhaps the miss here -- what a nice graphic they made. perhaps the miss there was because they don't know how to estimate the new methodology. but that was better than expected. claims a little bit better than expected. ism above expectations also. construction spending powered by residential spending. government spending was tailing off there. consumer sentiment missed, but that was better than it was in the prior month. take a look at the ism manufacturing index in detail. we had this swoon, june, july, august, now it's popped back up above 50 for two months in a row. early to call a trend
you here about where we are in this market and in this cycle for the economy? >> well, it tell us that the housing sector is improving and the residential side. commercial permit activity, which we see, has gone up, it's kind of plateauing. it tells us we're dealing with a lot of uncertainty out there. there's a tremendous amount of pent-up capacity in corporate america if we can just get the right fiscal policies in place. this economy could do well. >> do you think things loosen up after the election when we know who the president will be? >> i think it depends. then we're going to have more clarity on the policies. what we want in place are constructive growth oriented fiscal policies. >> and we don't know we'll get those. rick santelli, jump in here. we had a market under pressure for sure today. you hear what chip is saying in terms of those policies. what would snap investors out of this? >> i think what would snap investors out, of course, to start to see some, a, larger and more job creation. also getting things like tax policy out of the way. i will tell you, the discussi
's needed to run their businesses, something we talked a lot about. the economy has seen more focus on the consumer rebound than on a business rebound. one wonders when and if business were to get in the game those numbers would even be better. >> that could all change in five days with the election next tuesday. long-term unemployed, 14,600. marginal relief on that front. in terms of the long-term unemployment out of work for a year or more 3.57 million. a year ago 4.boy 1 million. so even those people who have been out of work for a very long time starting to get some nibbles. at least that's what it appears. more reaction to the numbers from dean mackey joining us from barclay's. good morning to you. >> good morning. >> any hair on the numbers, so to speak, as far as you can tell? >> i think this was a followed report when you look at the broad categories of job growth, when you look at the participation rate rise. the only underlying softness was in ourly earnings, but that really doesn't change the sfoer of where we've been. boug bottom line, the labor market has picked up some
days has suggested the economy has more momentum going into november than we thought before. however, when we see the pictures of sandy go from essentially heartbreaking disaster to now sort of more nerve-racking social unrest, when we hear some of the stories out there, i don't think those are the kind of pictures that cause people to take long positions in stocks. i think it's a wait-and-see position. wait and see how much sandy has an effect on the economy before you can take a positive position represented by the numbers here. >> all right. so there's a lot of noise in all of this. you've got sandy. you've got the election uncertainty. you've got uncertainty about the broad economy. i can't imagine, ron that, this 100-point selloff in the dow industrials is because people want more economic stimulus and more qe. disappointment over maybe the jobs numbers show the economy is not in need enough of more qe. we've had so much stimulus out there. >> yeah, i think anybody who's been trained on what the fed has to say knows that one month, particularly 170,000 jobs, is not going to chan
%. they did beat estimates even though the cfo said he's seen evidence of a weak economy all around us. you were talking about climate change and this issue of whether it's responsible for some of the weather changes that we've seen. munich re had created a bit of a firestorm when it put out a report noting that north america was seeing mcs in unusual events and attributed it to climate change. it caused quite a stir at the time. back to you. >>> coming up, chris christie touring the carnage. millions still without power. mass transit trying to get back to line. we'll get a progress report. >>> this morning not a lot of movement. yesterday the sale. things orderly in the first day of trading since everything was shut down because of sandy. this morning futures down by about two points. nasdaq up by about 2 1/4 points. >>> jfk and newark airports both operational on wednesday, but saw very few flights. jpk is seeing more arrivals than departures, but net back to normal. courtney reagan is at laguardia this morning. >> reporter: good morning. so we haven't yet seen a plane take off here. the
economy. >> 63% of cash flow is going to buy backs. what were the sectors where it was over 100%? >> energy us a one. and i think it was said earlier on that investment has been one of the missing ingredients here. >> we'll be right back with details from india. busy in here. yeah. progressive mobile is... [ "everybody have fun tonight" plays ] really catching on! people can do it all! get a quote, buy and manage your policy! -[ music stops ] -it's great! well, what's with the... -[ music resumes ] -music? ♪ have fun tonight dude. getting a car insurance quote. i'll let it go to voicemail. [ clears throat ] ♪ everybody wang chung tonight ♪ putting it on vibrate. [ cell phone vibrates ] -[ loud vibrating ] -it'll pass. [ vibrating continues ] our giant store and your little phone. that's progressive mobile. >>> s&p 500 would be implied to open by five, dow by almost 50 and nasdaq by 15. largely consistent with the kind of trading we've seen across europe and much of asia this morning. china gears up for a once in a tech and i had leadership change, dirty laundry is being ai
frenzied weekend with obama and romney sparring on the such over the economy. well, supporters are working on getting out tuesday's vote. john harwood has been watching all of it. good evening, john. >> reporter: larry, as they crisscross the battleground states the presidential candidates got one last fresh piece of economic data before tuesday's election. that was the october jobs report. it was better than expected which allowed president obama to deliver a message of how far we've come. >> in 2008 we were in the middle of two wars and the worst economic crisis since the great depression. and today our businesses have created nearly 5.5 million new jobs and this morning we learned companies hired more workers in october than at any time in the last eight months. >> reporter: as you'd expect, larry, mitt romney stressed the opposite case which is unemployment today remains higher than it was when president obama took office. >> he said he was going to lower the unemployment rate. down to 5.2% right now. today we learned that it's actually 7.9%. and that's 9 million jobs short of what he
as the economics, as far as jobs and growth are concerned because it will add the extra umph to the economy. is that a possibility? >> it certainly is the possibility. first, i don't want to downplay how difficult this has been for the city and for the region. many people are now without homes. there are still thousands of people in shelters. so it's still a difficult time. we've got about $30 million of emergency contracts out there, expenditures that we did not anticipate. but over the long run, as you mentioned, if fema does come through with reimbursements to the city for some of our damaged publix works and the insurance companies come through with what is surely going to be billions of dollars of reconstruction money, that could be some kind of stimulus to the city's economy. >> you mentioned fema and the human tragedy. we are watching live pictures here from atlantic city's airport where air force one is just landing and the president having been to fema today is going to now link up with governor chris christie and tour the area in those helicopters to look at the very human side of
:30 eastern time. and we'll be slicing and dicing the jobs report and the economy with our guest host, mark zandi. also at 8:00, the former chairman of the council of economic advisers austan goolsbee will join us for the report. and then we'll get reaction from the romney campaign with ron hubbard. that's at 8:40 eastern time. obviously a lot on our plates today. andrew, i'll send it over to you. >> the coast guard opening the port of new york new jersey on a restricted basis today allowing the backlog of barges containing gasoline and fuel into the area for the first time. how soon, however, will we see relief in the area impacted by sandy? that's the big question this morning. joe knows this very well, on my way in today, i had to take a taxicab for $125 because jeeves was this line to get gas, he was out of gas. >> i tried to take a car, my guy who i call -- he is not, but he nights as well be a former -- he has never failed. on on tuesday he came. and there have been snowstorms in the past where we've gone off the road, around, jack moved tractor trailers to get here's couldn't get gas
days. but tomorrow will mark a big step toward normalcy for america an its economy as the stock market gets set to open once again. the big question now is, what happens when that opening bell rings tomorrow morning after such a long hiatus and such a disastrous storm? >> really unprecedented. we have team coverage today. scott cohn with the latest on the flooding near wall street. courtney reagan is monitoring the power outages. jackie deangelis is in a new jersey town. we kick it off with bob. you spoke a short time ago with the ceo of the nyc. can it really be business as usual tomorrow? what are you expecting? >> that's what they're hoping for, maria. they said the magic words. trading will resume at the nyse and other exchanges. duncan told me a short while ago it was all subpoeystems go. >> we've had people on site throughout the evening, and we g got the report early this morning that there was no issue with the building. it had not been compromised. so once we heard that, we have been operatie ining under the assumption we would be under normal business trading tomorrow. >> mea
at a time when we are dealing with a clip and a fragile economy. >> one way or the other it has to be paid for. it requires a supplemental appropriation. first of all, there is enough money director fugate says for the fema part of the recovery, i think we voted $6.1 billion in the budget. there is enough in the fund right now. director fugate says. as far as the improvements that will have to be the supplemental appropriation and we'll have to have that be accounted for. but one way or the other, we'll have to have that be done. it is enormous not to improvement. it could have long-term economic consequences. we'll have to see what it is going to be. we'll have a commitment to make sure it is going to be done. >> thank you so much for joining us. >> millions are without power tonight. coming up. we'll ask the guy who runs the east coast utility companies when and how he plans to get that back on the grid. >> sandy, the path of destruction. there are a lot of warning lights and sounds vying for your attention. so we invented a warning you can feel. introducing the all-new cadillac xts. ava
. that's true, it's terrible, anne they will hurt the economy, but those are short-term in nature. and recoverable. i'm urging you to step back and take a look at the bigger picture. tens of thousands of homes experienced damage from sandy. those that are insured for storm damage will get their insurance checks and put thousands of contractors back to work, new begin sum -- gypsum board, new appliances and finally painting up a storm. the recent decline since blowout quarter. that's not the real spurt of the economy. that's also short-term. those homeowners who were directly in the path of sandy, and there were tens of thousands of homes that were, they can't begin to rebuild without government help, because many of them live on roads that have vanished. yes, vanished. so many roads need to be rebuilt. not just homes. but government provided infrastructure. it rises to national emergency. while the level of partisanship in politics has been horrendous lately, i don't care what party you're in, the spirit of cooperation we saw today between democratic president barack obama and new
. china pmi overnight, official number 50.2, 50.3 is what we're looking for, but the economy gaining some traction. did it do much for the sock market? let's find out. >> official manufacturing pmi as well as hsbc private both for the month of october showing the chinese economy may be getting traction. and that data gave mainland markets a shot in the arm. shanghai composite rallied 1.7% with the property sector leading the charge. earnings up about 10% on year. we also saw broad based gains in industrials and commodity plays. that strong showing helped the hang seng finish firmly in the green also boosted by the hong kong monetary authorities in the forex markets. industrials and developers extended gains. meanwhile the nikkei ticks up ending higher by about 0.2% helped by china related construction and shipping share, but panasonic got whacked down 20% to their lowest level since 1978 after a forecasted huge four year losses. elsewhere the kospi slipped 0.7%, heavy selling put them lower. sensex higher by 0.4% at the moment. ross, back to you you. >> now it was a rocky end of the month
. and it turned around because republican governors came into those states, got the economy improving again. think about how much better it could be if we put a republican governor, a former republican governor, in charge as our president. that's the clear difference. at the convention when i spoke, i mentioned that night at my speech that if you compare all the states in america with the ones led by republicans compared to those led by democrats, the unemployment rate in republican led students was one point lower than those led by democrats. and voters understand that.was than those led by democrats. and voters understand that. >> is the hurricane having any impact on on the presidential election some there's been lots of questions does it help the president, does it hurt the president. from the national perspective, you're outside this region, do you think it has any impact at all? >> i think it's fairly neutral. i think as americans, we expect that on monday and tuesday and since then that we've set aside partisan politics and really focused on making sure first and foremost we send our prayer
'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. >>> you sure wouldn't know it from the action lately. where we are in the year right now this used to be the season for owning tech stocks. every autumn, tech would outperform the rest of the market, virtually without fail. as all things technology rallied close to the holidays, the corporate technology budget flush this year, not happening at all. tech has been getting slaughtered. is this a temporary problem or something more permanent, more persistent happening out there? perhaps being caused by the decline of the desk top? the whole tech sector needs a checkup. no better place than avnet. avnet is the ultimate thermometer around. this company i like to call the biggest supermarket of tech on earth. the distributor of electronic components and one of the largest distri
well. it remains a strong part of the u.s. economy. >> stock the next 1% loop. >> the autos are a real bright spot. i like that gm call yesterday. in technology, we did have a couple of deals. they're merging it with a software company. but it's a pretty nice premium. you always like to see a 30-plus premium after all. >> they have some accounting issues. >> forget it if that's the case. if you say it, i believe it. we should also appoint bmc in the software area.$750 million going to buy back really quickly. by the end of the year, bmc has a lot of activists in that name. it was thought that you actually get a deal. i have spoken with a couple of them near the end of the year. you've got the likes of elliott and associates. you've got these core views in there. so it's a positive, they are changing the capital structure to a certain extent. >> we'll talk more about the ford numbers. phil, how big of a mess here? >> not a huge mess. they were slightly positive. 0.4%. what will be interesting to hear on the conference call is how much sandy slowed down sales, not only in the northeast,
purchasing managers number. a string of disappointing figures from the totally moribund economy. but we didn't get it. you got your first chinese guide up, not guide down. the best of the year. this was just joyous. no one was looking for this. suddenly i didn't care. here was a number that didn't fit into the near universally saturnine thesis. the ceo of joy global came on our show last month brandishing data showing that chinese electric output bottomed and is coming up. it is coming roaring back. that's why you saw the gains you did today. the biggest industrial is cummins, the engine maker. they rallied $5.17 today, that's up a dozen points. how about nike? bemoaned performance in china, up $3.97 today. freeport, the copper company looked like it had been sliding back during the darker days suddenly lunged $1.62. how about eaton? that company lowered expectations in part due to china. it is now up $4. someone asked jim cramer on twitter, accused me of hyping the stock by saying that i thought it would go up. and then there is peabody energy. it was recommended to buy coal stocks aggressi
over heated economy. this quarter has stood that whole three-point paradign on its hoead. they could crush the ability to the united states has given you. you have to cut the stocks from the cover off the united states. a country where we are pushing up 40 points per share this morning. virtually all the money was made right here in the united states. ♪ >> europe, was so awful that it almost wiped out the american gain. >> the house of pain. >> asia had a nice turn to a 40 million plus dollar gain. $85 million. but, hey, that is not much from the scheme of things. south america profit open again not all that significant. contrast that news with the report. ♪ hallelujah >> u.s. based furniture maker makes bed springs that i'm sure at some point pondered going into europe or latin mesh. i'm sure a whipper snapper said we have to make it more in the bed spring market. guess what? the good old us of a made these guys important. not because the stocks are going down, this one will be a jumper when the market opens tomorrow. it has been two weeks since the markets open tomorrow. the mo
, are asking why is it that an advanced economy do we have to live for more than a week without power? and i'm looking at your industry and thinking this is one of the most heavily regulated government intervened industries in the country and those two facts are not connected? >> they're not connected, because basically you cannot stop hurricane sandy from knocking down power lines. and from bringing water into the underground tunnels in new york where we have underground equipment. or creating major snowstorms out in west virginia. we've had everything but the locu locusts in this situation and we've brought in 60,000 -- 60,000 people have left their homes from as far away from california and all around the country to come east here to sit in staging areas throughout the storm to get together, to help to try and bring power back on. they're the unsung heroes. i don't know of any other industry that does that. >> what about these substations, which apparently are going to be a big problem. when can they get cleared up so the power can flow? >> that's another thing. when substation gets flood
the hollowing out is in the middle class, in the western industrialized economy. you know, again, i think the industrial revolution is a great comparison. overall, it was fantastic that we had the industrial revolution. who would argue with that? but, but, for society to adjust to that new economic reality, to the social and political strains imposed by the industrial revolution took two world wars, communist revolutions in china and in russia, and a whole new set of political and social institutions. and my concluding argument is, we really need to be thinking about a social and political adjustment comparable to the one that we -- >> so who puts that in place? the government you say that's bought by the rich? the problem is that how do you solve that? the rich always get control of the government. right? that's why government needs to be as small as possible. the bigger it gets, the more it gets bought. that's the problem. >> actually, i strongly disagree with that. that's a real -- >> that's the premise of your book. >> no, no. that's a counsel of despair to say the government is alway
the impacts on the consumers in those areas and it will trickle down into the economy almost without a doubt. >> i guess if you have a storm sitting right over you, what is it supposed to sit here for 36 hours or something? what does that mean in terms of rainfall? >> probably five to ten inches of rain. lots and lots of wind across the trees which still have leaves on them. they come down, power is out and then we have gridlock and everything is shut down for maybe more than several days. >> you remember last year the snow that we had. >> snowtober. >> the leaves were on the trees. i've never seen more branchs down. i would think snow on leaves would cause more power outages than wind. is that -- are there going to be just as many incidents? because the guys that had to repair stuff last year, they were repairing stuff for two weeks solid. >> and the tree guys, you still couldn't get an appointment. >> and every branch fell and wind, a lot of the leaves are falling, i'm telling you, they're falling. so a strong wind will bring most of them down anyway, won't it? >> the difference here, it's
the uncertain effects of hurricane sandy are going to be. to have the economy stabilized on a slight upswing from what weren't great numbers. the consumer hanging in there with the biggest problem being business spending. i think ultimately what we're going to see tomorrow are numbers that are in line, 125 to 150. i don't get too hung up in 10,000 here, 10,000 there. show me 250 and i'll be really excited. show me that 70 or 50,000, and i'll start getting concerned. >> rick, is that priced into the market? what kind of reaction will we get? >> i think it is priced in. i'm not sure we get a big market move on that. i congratulate the bureau of labor statistics. i'm sure there was pressure potentially to delay the number. many are glad they didn't. i think over the last couple days steve and i have raised issues that this is going to be an important number for a number of reasons, not to the least of which it is going to establish a baseline. a lot of uncertainty in the future. if this number is better or worse than expected, it's a baseline. it's going to put a lot of questions in. this numbe
: sun is shining. actually it's overcast. but quick question for you. when you talk about the economy really booting off again it seems like you talk about it in terms of consuming and not producing. i'm thinking from the way i think about it you need something to be produced before it's consumed. i'm wondering why in terms of a growing economy you talk about consumption instead of production. that's what it seems like to me. >> i do. because in order to be able to raise price you need demand. if there's a shortage of supply, sure, that can mean something. but not if there's no demand, right? if you have a shortage of a supply at some price nobody likes you can't raise price. it doesn't mean anything. that's why we focus on demand on the show. a company that's got their earnings stars before you buoy it. use the eps to figure out the company's growth rate and take it from there. "mad money" will be right back. >> don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet jim cramer #madtweets. or give us a call at 1-800-743-cnbc. miss something? head to "
heard about the bottom line, wow, the housing economy strong, auto economy strong, but we have worries about the gridlock in washington. how much of the sudden decline in americas is related to washington? >> well, jim, i wish i could give you an exact bead on that. i will tell you, we saw it in both of our businesses, which is unusual, components and computers. in components, we saw deterioration through the quarter. july year on year, one picture, august looked worse and september looked worse. deterioration through the quarter, very surprising for us. after the june quarter, we thought we had seen a reset, signs of stabilization. it was deterioration through september, and we went through the disappointing last two weeks, when there is usually a big rush to spend the quarter-end budget. >> you invoked on the conference call, 2008-2009. i thought we put those bad days behind us, but it did make me feel like maybe i'm being too optimistic. >> yeah, jim. '08-'09, different for a couple of key reasons. a lot of the concerns were driven around the liquidity crisis. now, a more general ma
how good dollar general can do if washington pushes the economy back into a recession. not only would this company be immune to the pain, nor and more consumers would be forced to squeeze down even as our nation obviously would be hurt badly bypassing over the fiscal cliff. look, we've had a stagnant economy for ages. how come i'm recommending it now? the easy, it's cheap. it's fallen from its highs and thanks to equity investors have sold some of their shares. but mainly on account of the not so hot numbers we got from dollar tree. see, dollar tree cut its same-store sales guidance in the third quarter recently blaming high gasoline prices and the preholiday calendar shift. the forecast hammered the whole group. but i don't think their alibis add up. let's take them one at a time. first, higher gas prices. dollar tree blamed them for the weaker same-store sales? make sense to you? makes no sense to me. when gas prices go up, consumers are more likely to trade down. plus, the fact is that these dollar stores get a ton of walk-in traffic. they can careless about the price at the pump.
this could take as much as $30 billion out of the u.s. economy. any update to that figure? >> earlier comments, a lot of contingency plans, a lot of uncertainty here. but i think that's a fair estimate initially. let's look at governor christie's comments. depending so much on how fast the money gets back into the system and there's rebuilding. having lived in new york, you realize that the winter is coming. there's a huge inventive for people to start getting these things fixed right away. so that money will be put to work. so $30 billion is still our best estimate. at this point in time, depends on how quickly the money is put back into place. but having lived in this area, you probably appreciate the fact that actually a lot of improvements will happen now with better infrastructure, especially on the public sector level, so we actually could see an addition to economic growth in the first quarter greater than the loss in the fourth quarter. >> this is an important point, because as people try to sort out the impact, we've seen estimates from your firm that this could take two tent
spending. overall, this could be a boost to the economy. i think it's going to be viewed as an opportunity. i think we're seeing in some of the premarket activity. >> i never know really whether to believe that or not. i see with insurance companies and i've seen the case made, the broken window case that you eventually have to fix it. net net, replacing things that may have been -- didn't need replacing and using capital to do that, i can't believe that, you know, spending $20 billion on what you didn't have to do before can be net net be good long-term. is that really true? is that the case that economists make? >> well, i think it depends on how much credit is involved. in other words, it involves really construction activity and things that require durable spending. that actually is stimulative because historically durable good spending has a credit multiplier. for every dollar you have to sort of build something, you're sort of creating a lot of activity on the whole supply chain. and we know there's going to be a lot of reconstruction, but in the case of autos, about 23% of all auto
through the economy? >> very significantly. we take for granted the extensive public transportation system we have in the new york city metropolitan area. it's the life blood to our economy. when that life blood is not pumping, it will have a serious impact. it's not just how soon will trains be running but will be repair costs? they will be significant. mta had its own financing troubles particularly with regard to that capital program. they obviously weren't anticipating the kind of damage that this storm has brought. a long-term where we're at with financing for the mta is a very unclear picture. i am out here on long island. perhaps not as reliant on public transportation but the traffic signals are out and many businesses say to their employees to stay home for safety sake. as you know long island has 85% to 90% of customers without power and electricity. think of impact on small businesses. we think of big businesses and big players but small businesses that really typify communities like long island and westchester, they're not able to open. what's the impact there? real consequence
sluggish economy? we'll turn the attention there next. >>> this is going to be a thorny issue. financial trade group sifma says if the new york stock exchange is closed again tomorrow, then all dollar denominated securities should be closed around the world. >>> new york governor andrew cuomo will have a press conference and we'll talk to him live one-on-one after the press conference. he'll tell us what he's seeing and advise new yorkers of the next steps. rt comes with 8 airb, a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer
out. what is next for you and the corporation and the broader economy, do you think in. >> i think it could have been worse market wise based on how much bad corporate news we had to absorb from the big companies. i feel like we have to see the domestic numbers coming in on the consumer and housing side have to continue to reassure the market that we're in a firmer place right now in terms of domestic and economic growth. at the same time everyone's watching china, they're going to accelerate the economy over there. for the multinationals that's the next key, china pmi coming out late today. >> rick you look at the data from jobs and housing. what is the impact on some of the reports in particular the jobs number coming out friday? >> i think whether it's the adp number tomorrow which there's been a flurry of activity regarding discussions about how the new methodology, if you look at the 2012 numbers under the old methodology versus new oa methodology, 365,000 less with the new methodology. it just makes things a bit confusing, and for friday's number, obviously with what's going
? >> well i think the economy is slowing. that's clear and you know, when you're doing 1% or 2% gdp growth, it's tough to find 10% earnings growth by cutting expenses but ultimately i think the market's priced for that. we're not trading a market that's 20 times earnings, we're in a market that's 12 times earnings. i think expectations are low. if there was a surprise in october for us and it's something we've been hoping for, if you're at riverfront, you're going to see outperformance overseas so for four years the u.s. has kicked the rest of the world's butt, in other words the best place to be to put your money has been the s&p 500. we think that's a trend that's getting long in the tooth and we're starting to see finally international, areas of the world outside of the u.s. outperforming and i think that's a trend that could continue and you look at u.s. earnings getting tired, i think we're probably in the very early innings of international earnings starting to perk up. >> that is an important point. gentlemen, thank you very much. >> maria -- >> sorry, one final comment? >> i would
the storm means for business, energy and the economy. plus, michael brown, fema director under hurricane katrina will give us his take on sandy's impact as well when we come back. ♪ ♪ [ male announcer ] how do you engineer a true automotive breakthrough? ♪ you give it bold new styling, unsurpassed luxury and nearly 1,000 improvements. introducing the redesigned 2013 glk. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. through mercedes-benz if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions i
conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. [ tires screech ] >> narrator: at the end of 2007, t
own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. >> narrator: when the yes entertainment scam makes its debut, jim eberhart allegedly remains behind the curtain. but when he goes fugitive, it seems he almost treasures being center stage. in 2002, a newspaper article puts the avid sailor in malaysia, where he skippers his yacht, the infinity, to a first-place finish at a regatta. back in the u.s., authorities seize funds left in yes entertainment bank accounts, but investors get back just pennies on the dollar. they are
was just scheduling delays, will have a tremendous impact on the economy. just trying to clean up from whatever debris is left over. but people have been working in very -- strongly and cooperative since friday in order to protect against this. we're hoping the damage, if any, is very minimal. >> very quickly, the emergency workers at the scene say that they have no plans right now to go up and remove the crane, although they are going as high as they can to inspect the crane. is that the right call as far as where we are right now with the storm about to hit landfall in the next couple of hours? >> oh, absolutely. i think any efrlgforts to dismae the crane at this point would provide more of a daveng. >> thanks very much for joining us. >> thanks, maria. >> we appreciate that, louis coletti at building trades association. our coverage of hurricane sandy continues after this break as she whips across the eastern seaboard. bob pisani will be up. with the fidelity stock screener, you can try strategies from independent experts and see what criteria they use. such as a 5% yield on dividen
larry kudlow's take on how the storm could impact gdp, the strength of the nation's economy. we'll be right back. < [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning,
tomorrow. appreciate it. my thoughts on superstorm sandy and her impact on the already shaky economy. stick around. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use, it's the ultimate combination of speed, small size, and low-cost printing. [ male announcer ] eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they help save you up to thousands in out-of-pocket costs. call today to request a free decision guide. with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks, and you'll never need a referral to see a specialist. join the millions who have already enrolled in the onl
that binds the location where the storm hit, probably cost the is economy about $150 to $20 billion, $10 billion per day. wells fargo thinking it could be a .1 to .2% impact on q 4 gdp. >> now, there's the rebuilding, of course, which might offset some of that. >> yep. >> but that takes a while to be impacted and to be really factored into the equation, right? >> i talked to someone yesterday who is thinking we will see a benefit when we go into 2013 and 2014 increasing his growth estimates for 2013 and bringing down unemployment outlook based on the effects bound to happen as the money starts to flow in and rebuild beyond the storm. >> yesterday, we talked a little bit about retail. do you have a different sense of things today or perhaps a more complete sense of what the impact's going to be on retailers? >> i think it's going to be really tough for november. it looks like the power outages that have happened are as bad as we expected, probably lose the first full week of november. that affects about 20% of the retailers in the u.s. so i would expect to see 2 or 3% decrease based on so
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